????????2024??GMV??2093???,SVIP?16%

??2024??????????2024???,????332?????????????????????(???,???????),Non-GAAP??????????????????30?????2024?,?1084??,Non-GAAP????????90?????????????

?????????????????????????2024????????????,??????????7.7????????????????????????,????????,??????????2025??4???11????????????????,??2.40???0.48??????

???:“?????????,????????????????????????????,????????????????????????”

2024??????????????GMV?????2093??,??

2024???,?????????????GMV(?????????????????)????????0.6%??2093?????????????????,????????????????????,?????????GMV???????2%,???????????????????GMV??75%,????????????????????

???????,?????????????????????2024????????“????”??????????“???????????????”,??????????,??,???

?????,??????????????200???????“?????”??????????????????????????????,?????,????????????????

??????????,????????????

?????????????????????2024??1500???,??????????Acne Studios?Toteme??????????????????,????????????OTB(ONLY THE BRAVE)????????,????????????,????

??????,2024??,?,??

2024???????,??“?????”?????,???????????,???????????,?????????????,??????????

???????????,SVIP??????????16%

????????????VIP??(SVIP)???????????????V????????9.5????????????????V??????,2024???????????????????,?????SVIP?????????????????,???????V??????????,?????SVIP????????????

??,?????2024?????????????????,SVIP???????????16%??????880????????,????49%?

?????,?????????????????????

?????????????????,?????????????,????????????????,????,???????????80???????????,?2700????,?58,000???????????

??????????2024??,?????????7.68??,?????????????????????????????????????????????,????????????,????27.7??,???